Magna Names New Chief Financial Officer

Magna Entertainment Corp. Thursday announced the appointment of Blake Tohana as an executive vice president and its new chief financial officer, effective July 28, replacing Graham Orr.

Mr. Tohana, a chartered accountant, joins MEC from Fireworks Entertainment Inc., where he most recently occupied the role of executive vice president for corporate development. Tohana also served as chief financial officer of Fireworks for several years.

Jim McAlpine, president and chief executive officer of MEC, said, "We are very excited to have attracted someone of Blake's caliber to join MEC. Blake has shown tremendous energy, ability and leadership thus far in his career and we believe that he will be an excellent addition to MEC's senior management team."

MEC also announced that Orr will be leaving the company after a transition period to re-join Magna International Inc. as an executive vice president. Mr. Orr has served as an executive vice president and the chief financial officer of MEC since the Fall of 2000. During that time, he managed all of MEC's financing requirements and played a major role in the strategic development and growth of MEC through its start-up phase.